https://www.taxtmi.com/caselaws?id=756828 The ITAT Delhi upheld the validity of an assessment order passed on 23 December 2016 before the time-barring date, ruling that non-service due to incorrect address details does not invalidate the order but only affects the limitation period for filing appeals. However, the tribunal allowed the assessee's appeal regarding foreign exchange fluctuation loss disallowance, finding that the CIT(A) erroneously applied section 43A instead of section 37 as originally done by the AO. The tribunal noted these provisions operate in different spheres and that mere reinstatement of losses per accounting standards without actual payment does not invoke section 43A. en-us Thu, 11 Jul 2024 00:00:00 +0530 Wed, 28 Aug 2024 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756828 The ITAT Delhi upheld the validity of an assessment order passed on 23 December 2016 before the time-barring date, ruling that non-service due to incorrect address details does not invalidate the order but only affects the limitation period for filing appeals. However, the tribunal allowed the assessee's appeal regarding foreign exchange fluctuation loss disallowance, finding that the CIT(A) erroneously applied section 43A instead of section 37 as originally done by the AO. The tribunal noted these provisions operate in different spheres and that mere reinstatement of losses per accounting standards without actual payment does not invoke section 43A. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756828